• Core inflation, which excludes the most volatile elements of the CPI, stands at 0.8%

The general CPI increased by 2.2% year-on-year in August, a rate that coincides with that advanced by the National Institute of Statistics (INE) and that registered in July. This stabilization of inflation is due to the positive evolution of almost all components during the past month, with the exception of food prices, which accelerated slightly.

The growth rate of energy products prices remained stable in August, registering a decrease of one tenth compared to the previous month, which places the year-on-year increase at 11.1%. This slight moderation is mainly explained by the prices of fuels and lubricants, which registered a decrease of 1.4 points in August, with a growth of 13% year-on-year. On the other hand, electricity inflation increased 2.7 points the previous month, registering a growth of 10.8% year-on-year.

The prices of unprocessed food grew in August six tenths more than in July, at a rate of 4.6% year-on-year. The acceleration of fresh fruit prices stands out, 4.3 points in the last month, up to 17.3%.

Core inflation, which excludes the most volatile elements of the CPI, unprocessed food and energy products, moderated one tenth in August, to 0.8% year-on-year.

Among the components of core inflation, the prices of services stand out, which slowed down two tenths in August, up to 1.3% year-on-year, mainly due to tourism and hospitality, whose prices reduced their variation rate in the last month by four tenths , placing interannual growth at 1.1%.

On the other hand, the prices of non-energy industrial goods (BINE) decreased to 0.1% year-on-year, due to the stabilization registered in the month of August, mainly due to the deceleration of automobile prices, of six tenths, up to 0.1%.

The prices of processed food, beverages and tobacco slowed down one tenth, to 0.7% year-on-year.

The interannual rate of the CPI decreased in August in twelve autonomous communities, corresponding to the largest drop to Asturias (two tenths, up to 2.2%); it remained in Castilla y León and Navarra (2.4%, both); and increased in the remaining three communities, registering the highest increase in the Canary Islands (three tenths, up to 1.9%).

The interannual rate of the CPI to constant taxes stood at 2.2% in August, as was the general CPI.

In inter-monthly terms, the CPI registered an increase of 0.1% in August 2018, lower by one tenth than in the same month of 2017.

The INE has also published the harmonized CPI (HICP) corresponding to the month of August, whose interannual rate is reduced by one tenth, up to 2.2%. For its part, the rate advanced by Eurostat for the whole of the euro zone stands at 2% in August.

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